How much is the fine for not buying health insurance?

[bighart]

[Skittles]

1. too much

[leftstreet]

2. The free market will make it so cheap that everyone will buy it

:rofl:

er...something like that

[Statistical]

3. $750 if your income is up to 3x poverty level. $950 for over that.

Unless it changed (which is possible)
http://www.slate.com/id/2229854/

[Statistical]

7. Look like wording if slightly different.

Under the plan now headed to Obama, individuals are required to purchase health insurance coverage or face a fine of up to $750 or 2 percent of their income -- whichever is greater.

http://edition.cnn.com/2010/POLITICS/03/21/health.care.main/?hpt=T1&imw=Y

So $750 minimum. $750 is 2% of $37,500 so if you make more than that it will be more.

[safeinOhio]

4. I heard on a news show tonight

that it would be $350 the first year and then up to 2.5% of income for well to do.

[onenote]

5. I think the maximum tax for those who don't purchase insurance is around $700

an amount I heard a repub member complain was too low tonight...

[boppers]

6. $700 according to sfgate

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/03/21/MNPU1CJ9MR.DTL

[Historic NY]

8. Its less than the fine for driving w/o auto insurance in NY state if convicted.

The traffic court fine could be as much as $1,500 for driving without insurance or allowing someone else to drive your uninsured vehicle. You will have to pay the DMV an additional civil penalty of $750 to get your license back after revocation.

http://www.nydmv.state.ny.us/broch/c43.htm

[New Dawn]

9. 2% of your income.

[Joe the Liberal]

10. What if you have no income? and no insurance? n/t

[PBass]

13. Then the government will subsidize your insurance (NT)

[Joe the Liberal]

15. When? and how will they even know if i'm covered or not?

[Gravel Democrat]

17. "how will they even know if i'm covered or not?" One of the 17,000 newly hired IRS

agents will be checking monthly to be sure
you have "acceptable" coverage. Yes, monthly.

Finally O created some jobs.

[Statistical]

23. Same way IRS knows about revenue, stock trades, student loan interest, etc.

Likely insurance companies will be required to submit a form (like W-2, or 1098).

Insurance company will send one copy to IRS and one copy to you.

When you file your tax return you will either select "Yes I had credible coverage" or "No" and then fill out portion of form that deals with calculating the penalty.

If you mark "Yes". IRS verification system will match your response against data received from insurance company.

This is the same say they catch failing to report interest payment or someone claiming to be a homeowner when they are not.

Only requires a small change to IRS forms + new form that insurance companies are required to submit each year.

[JustinL]

18. then you are exempt from the fine

Exemptions
will be granted for financial hardship,
religious objections, American Indians, those
without coverage for less than three months,
undocumented immigrants, incarcerated
individuals, those for whom the lowest cost
plan option exceeds 8% of an individual’s
income, and those with incomes below the
tax filing threshold (in 2009 the threshold for
taxpayers under age 65 was $9,350 for singles
and $18,700 for couples).

http://www.kff.org/healthreform/upload/housesenatebill_final.pdf

[inna]

11. The greater of 2.5% of income or $695 per individual ($2,085 per family), according to

White House/Congressional Leadership Reconciliation Bill
Health Care and Education Affordability Act of 2010 (H.R. 4872):

Those without coverage pay a tax penalty of the greater of
$695 per year up to a maximum of three times
that amount ($2,085) per family or 2.5% of
household income. The penalty will be phased in
according to the following schedule: $95
in 2014, $325 in 2015, and $695 in 2016 for
the flat fee or 1.0% of taxable income in 2014,
2.0% of taxable income in 2015, and 2.5%
of taxable income in 2016. Beginning after
2016, the penalty will be increased annually
by the cost-of-living adjustment.

http://www.kff.org/healthreform/upload/housesenatebill_final.pdf

[Amonester]

14. Thanks! Now I'd like to know if health care services are free in prison.

If it's free, well 'maybe' me no pay any f**k**g fine evah (if it's possible to 'connect' to DU in jail, that is) lol!

[New Dawn]

16. Thanks for posting that.

Apparently it is even worse than what I thought it was.

[Statistical]

19. Ouch so say a family of 3 with combined income of $60K would face fine of $1200

Now $60K isn't poor but it isn't rich either when you have 3 mouths to feed.

$60K is too much to get any govt assistance. So someone in that bracket has the choice of

a) pay $1200 in taxes/fines
b) spend 5x that on insurance that provides no value.

Ouch.

[inna]

20. Actually, I think they'll have to pay $2,085, according to the link I provided.

[Statistical]

21. Even worse.

So they would be subject to up to $1200 per person or $2085 per family.

So one person not covered = $1200. 2+ = $2085 (the cap).

[Radical Activist]

12. Obama was right about this in the primary and Hillary was wrong.

He shouldn't have changed his position. The fine is stupid.

[Joey Kidd]

22. K&R n/t